Mid-Afternoon Market Update: Kroger Surges On Upbeat Results; Pier 1 Shares Slide
Nearing the final hour of trading on Thursday, the Dow traded down 0.09 percent to 16,891.47 while the NASDAQ declined 0.28 percent to 4,350.84. The S&P also fell, dropping 0.06 percent to 1,955.90.
Leading and Lagging Sectors
Technology shares fell around 0.27 percent in Thursday’s trading. Top decliners in the sector included TechTarget (NASDAQ: TTGT), down 5.3 percent, and ChinaCache International Holdings (NASDAQ: CCIH), off 2.11 percent.
BlackBerry posted its quarterly GAAP net income of $23 million, or $0.04 per share, versus a year-ago loss of $84 million, or $0.16 per share. Excluding certain items, the company lost $0.11 per share.
Its revenue fell 1% to $966 million from $976 million. However, analysts were expecting for a loss of $0.28 per share on revenue of $1.047 billion.
Equities Trading UP
Shares of The Kroger Co (NYSE: KR) got a boost, shooting up 5.35 percent to $49.80 after the company reported strong Q1 results and raised its FY outlook.
BlackBerry (NASDAQ: BBRY) shares were also up, gaining 10.62 percent to $9.17 after the company reported a narrower-than-expected first-quarter loss.
Equities Trading DOWN
KBR (NYSE: KBR) shares tumbled 8.17 percent to $24.17 after the company reported a Q1 loss of $0.29 per share on revenue of $1.63 billion. The company said it would undergo a strategic review of its businesses.
Rite Aid (NYSE: RAD) was down, falling 3.83 percent to $7.16 after the company reported a drop in its first-quarter earnings. Rite Aid’s quarterly profit declined to $41.4 million, or $0.04 per share, from a year-earlier profit of $89.7 million, or $0.09 per share.
In commodity news, oil traded up 0.53 percent to $106.15, while gold traded up 3.59 percent to $1,318.40.
Silver traded up 5.42 percent Thursday to $20.85, while copper rose 0.56 percent to $3.08.
European shares were higher today.
The eurozone’s STOXX 600 surged 0.58 percent, the Spanish IBEX Index gained 0.68 percent, while Italy’s FTSE MIB Index rose 0.85 percent.
Meanwhile, the German DAX gained 0.74 percent and the French CAC 40 climbed 0.72 percent while UK shares gained 0.45 percent.
US initial jobless claims fell 6,000 to 312,000 in the week ended June 14. However, economists were projecting claims to reach 314,000 in the week.
The Philadelphia Fed's manufacturing index rose to 17.80 in June, versus a reading of 15.40 in May. However, economists were expecting a reading of 14.0.
The Conference Board's index of leading indicators increased 0.5% to 101.7 in May.
Data on money supply will be released at 4:30 p.m. ET.
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